Truist Securities has reaffirmed its Buy recommendation on Viridian Therapeutics (NASDAQ: VRDN) and kept its $40.00 price target as the company heads into topline data from the REVEAL-1 study of elegrobart. At the time referenced, Viridian shares were trading around $28.29, and analyst price targets tracked by InvestingPro span from $29 to $50.
Elegrobart is described as a half-life extended subcutaneous insulin-like growth factor 1 receptor antagonist (IGF-1Ra) being evaluated for active thyroid eye disease in the REVEAL-1 trial. Company management has set an internal benchmark of a 50% to 70% placebo-adjusted proptosis responder rate for the therapy, a metric Truist discussed in its note.
Truist emphasized that physicians may accept results at the lower end of that 50-70% range because of the treatment's convenience as a subcutaneous option. The firm characterized elegrobart as a potential game-changer, particularly for patients with chronic disease and those who exhibit low clinical activity scores (low-CAS).
According to Truist, a positive topline from REVEAL-1 would also lower the risk profile for REVEAL-2, which the company expects to initiate in the second quarter. The firm projected peak global revenue for elegrobart of roughly $1.3 billion, a forecast that sits alongside InvestingPro data showing analysts expect Viridian to post substantial revenue growth of 233% in the current fiscal year.
Truist also said its analysis of the volatility surface and the firm’s options book for Viridian supports a favorable view on the stock over both the near and longer term. The company itself was valued at approximately $2.7 billion in the commentary and has delivered a 78% total return over the prior 12 months, even though InvestingPro’s Fair Value assessment describes the shares as slightly overvalued.
Financially, InvestingPro data cited in the note indicate Viridian holds more cash than debt, a balance-sheet position the firm said provides flexibility as clinical programs advance.
Separately, Viridian announced that veligrotug, its treatment for thyroid eye disease, has received an FDA priority review with a target action date of June 30, 2026. Several broker-dealer research notes accompany these regulatory developments.
TD Cowen reiterated a Buy rating on Viridian, noting the company’s roadmap for a busy 2026 that includes the priority review of veligrotug. Jefferies maintained a Buy rating and a $44 price target, citing strong clinical and regulatory performance in 2025 and potential catalysts in 2026. UBS initiated coverage with a Buy rating and a $50 price target, calling out the FDA review of Viridian’s intravenous program, VRDN-001, for thyroid eye disease. Evercore ISI raised its price target to $45 while keeping an Outperform rating and highlighted the importance of upcoming Phase 3 subcutaneous thyroid eye disease data expected in early 2026.
Collectively, the brokerage actions and regulatory milestones sketch a path of multiple near-term catalysts for Viridian as it advances clinical programs and navigates regulatory review timelines.
Readouts and market metrics to watch
- REVEAL-1 topline data for elegrobart and subsequent impact on REVEAL-2 timing and risk.
- FDA priority review decision for veligrotug with a June 30, 2026 target action date.
- Broker price targets and ratings from firms including Truist, TD Cowen, Jefferies, UBS, and Evercore ISI.